Categories: Market

Bitcoin Technical Analysis November 25th

After about a week of consolidation, Bitcoin (BTC) has started showing short-term upward signals.

Bitcoin has been falling since November 10th after hitting an all-time high of $ 69,000. On November 23, it fell to a local low of $ 55,317.

However, it has since surfaced again and has bounced back from the horizontal support area of ​​$ 56,500. This is also the 0.382 Fibonacci retracement support which adds to its importance.

Technical indicators

The RSI is issuing a bullish signal as it has created a bullish divergence. It does this when the price decline is not accompanied by a decrease in momentum.

However, the MACD, which is formed by the short and long term moving averages (MAs), is still falling. This means that the short-term moving average is falling faster than the long-term moving average.

If it does break, the next support is found at $ 53,260. This is the 0.5 fib retracement support when measuring the recent upside move.

BTC / USDT daily chart | Source: TradingView

Descending resistance line

The six-hour chart shows a more bullish outlook. BTC has hit double bottoms that is often viewed as a bullish pattern. There is also a very pronounced bullish divergence (green) in both the RSI and the MACD.

Therefore, BTC is likely to reverse upwards, at least in the short term.

There is a strong resistance at $ 60.733 which also coincides with the resistance line descending. This is also the 0.382 fib retracement resistance and horizontal support area.

Because of the convergence of all of these factors, this is a very strong resistance area. Whether BTC breaks over it or is rejected is likely to determine the direction of the future trend.

BTC / USDT 6-hour chart | Source: TradingView

You can see the BTC price Here.

Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews

Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

SN_Nour

According to Beincrypto

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page

CoinX

Recent Posts

Best Cryptos to Invest in December 2024: Qubetics Surges Past $2.6M as Solana Records Big Whale Pump and Polkadot Aims for $6

Best Cryptos to Invest in December 2024: Qubetics surges past $2.6M, Solana’s whale pump ignites…

49 minutes ago

Bitcoin Trader Turned $100M in His 20s—Now Reveals 5 Altcoins to Build a $50M Portfolio, With Memecoins Leading the Way!

As Bitcoin reaches unprecedented heights and the market surges, he's highlighting five altcoins poised for…

2 hours ago

Which Crypto Will Explode in the 2024-2025 Bull Run?

With the crypto market reaching new peaks, many are eager to discover digital currencies poised…

2 hours ago

Dogecoin and Shiba Inu Approach $1, but All Eyes Are on XYZVerse’s Push to $10!

XYZVerse, blending sports passion with meme energy, is set to make a significant impact, uniting…

3 hours ago

Will Bitcoin Crash or Soar Past $105K in 2024?

Will Bitcoin Crash?" seems to be one of the most controversial questions, as the price…

4 hours ago

The Best Crypto for Passive Income? 10% Weekly Gains and 20% Final Surge—Qubetics Mirrors Cosmos’ Early Success!

There’s always that one coin people wish they hadn’t overlooked. For many, Cosmos ($ATOM) is…

4 hours ago

This website uses cookies.